Long-term Debt

Long-term debt consisted of the following:



(dollars in thousands)	September 30, 2016			December 31, 2015
Term loan	$	384,127		$	387,097
Less current maturities	(3,960		)	(3,960		)
Total long-term debt	$	380,167		$	383,137

At September 30, 2016, we had $384.1 million of term loan borrowings (fair value of $385.6 million) at an effective interest rate of 3.63% and no outstanding borrowings under the revolving credit facility. At December 31, 2015, the Company had $387.1 million of term loan borrowings (fair value of $385.2 million) at an effective interest rate of 3.87% and no outstanding borrowings under the revolving credit facility. Principal payments on the term loan borrowings are due and payable in quarterly installments of approximately $1.0 million with the then expected remaining balance of $373.2 million due on August 8, 2019.

During each of the three-month periods ended September 30, 2016 and 2015, the Company recorded amortization expense for deferred debt issuance costs of approximately $30,000. During each of the nine-month periods ended September 30, 2016 and September 30, 2015, the Company recorded amortization expense for deferred debt issuance costs of approximately $91,000.

The Company’s term loan and revolving credit facility (the “Amended Facility”) contains and defines financial covenants, including a secured leverage ratio (defined as, with certain adjustments, the ratio of (i) the Company’s indebtedness less unrestricted cash and cash equivalents up to $40.0 million to (ii) consolidated net income before interest, taxes, depreciation and amortization) for the most recently ended 4 quarters not to exceed 3.75:1.00. The Amended Facility also sets forth mandatory and optional prepayment conditions, including an annual excess cash flow requirement, as defined, that may result in our use of cash to reduce our debt obligations. For the year ended December 31, 2015, the Company was not required to make an excess cash flow payment. As of September 30, 2016, the Company believes it was in compliance with its financial debt covenants.